We are affirming our 'BB+' corporate credit rating on Corus Entertainment Inc. and revising our assessment of its liquidity to "adequate" from "strong". Based on our analysis, we no longer assess liquidity as strong given covenant headroom of below 30%. The stable outlook reflects our expectation that the company's organic operating results will be stable, with flat year-over-year revenue growth. On April 28, 2015, Standard&Poor's Ratings Services affirmed its 'BB+' corporate credit rating on Toronto-based Corus Entertainment Inc. At the same time, Standard&Poor's revised its assessment of Corus' liquidity to "adequate" from "strong." The outlook is stable. The affirmation reflects our view of Corus' "satisfactory" business risk profile and "significant" financial risk profile. We recognize that recent regulatory
